Treasurer Sprague Announces OMAP Savings for the City of Youngstown
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Youngstown (Mahoning County) enter the market and save an estimated $20,288.22 in interest costs over the next year.
“This latest deal marks the ninth time the City of Youngstown and our office have come together to achieve meaningful savings for the city through OMAP,” said Treasurer Sprague. “We’re proud to continue this ongoing partnership with the community, and it’s always great to see local governments across Ohio turning to OMAP to take advantage of reduced borrowing costs when completing important infrastructure projects.”
The OMAP credit enhancement will help the City of Youngstown to achieve significant savings on interest costs. The original note was issued to finance renovations to the City Hall Annex Building. This issuance is the ninth time that the city has utilized OMAP to achieve savings. The previous eight deals have saved the city an estimated $368,219.67 in interest expenses.
OMAP is a credit enhancement program that leverages the state’s excess liquidity and high short-term credit rating to help improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported more than 275 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $5 million in estimated savings for local governments.
Any government subdivision in good fiscal standing, including cities, villages, school districts, counties, townships, and special districts, issuing short-term debt is eligible to participate. For more information, visit https://omap.ohio.gov/.